March 2, 2017 Market Wrap Up

The markets sold off today on rather light volume. However, today’s headlines were dominated by Snap. The much anticipated IPO traded over 216M shares on its opening day, closing up more than 40%, at 24.48. With that said, this was the largest IPO in over 2 years.

Strong earnings performers included: Abercrombie & Fitch Company (ANF), Burlington Stores (BURL), and Intrexon (XON)

Weak earnings performers included: Costco Wholesale (COST), Anheuser-Busch (BUD), and Shake Shack (SHAK)

ETF Performers: United States Oil Fund (USO) -2.02%, iShares 20+ Year Treasury Bond (TLT) -0.43%, SPDR Gold Shares (GLD) -1.23%.

On the options front, we saw large call buying activity in HRG Group Inc (HRG), which traded 5.2 times normal option volume. In addition, we saw heavy put buying in Fastenal Company (FAST), which traded 2.6 times normal option volume.

There are no major events on the schedule for tomorrow.

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September 29, 2015 Market Wrap Up

September 29, 2015 Market Wrap Up

The S&P 500 finished the day slightly higher, however; we gave up most of our gains and even went negative for a decent portion of the day. In fact, we hit lows that we have not seen since August 24.

The biotech sector is still reeling off the comments made by politicians, regarding the cost of drug prices and more regulation. The iShares Nasdaq Biotechnology Index Fund (IBB) is down over 10% in the last week.

The VIX was actually down, closing at 26.83. For now, it appears that 20 might be a new base level.

The energy sector was up today; the United States Oil Fund (USO) was up less than 1%.

On the options front, we saw bullish call buying in Burlington Stores Inc (BURL). Options that saw bearish put buying were in Lululemon Athletica Inc (LULU).

Here’s what’s on tap for tomorrow and the rest of the week:

Key Economic Data:
1 October 2015- Jobless Claims 8:30 AM ET, ISM Manufacturing Index 10 AM ET
2 October 2015- Employment Situation 8:30 AM ET

Key Earnings:
29 September 2015- COST
1 October 2015- MU

Key Events:
29 September 2015 (runs till 10/1)- American Gaming Association Global Gaming Expo
29 September 2015 (runs till 9/30)- Wolfe Research Power & Gas Leaders Conference

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